Merger Arbitrage, Relative Value, Event-Driven

Per Gullberg, CFA, FRM, CAIA

Event-Driven

<p>On 3 Feb after market close, Hitachi Metals Techno (9922 JP) <a href="http://az199097.vo.msecnd.net/9922/ir/12519793233399999999_a2b3cdcf-5977-4800-ad55-f5aacafbbbdb.pdf" target="_blank">announced </a>that it has received an MBO offer from Carlyle Group. Majority shareholder Hitachi Metals (5486 JP) has announced it will tender its full 64.82% stake. The target has endorsed the offer, and recommended all shareholders to accept.&nbsp;</p>

On 3 Feb after market close, Hitachi Metals Techno (9922 JP) announced that it has received an MBO offer from Carlyle Group. Majority shareholder Hitachi Metals (5486 JP) has announced it will tender its full 64.82% stake. The target has endorsed the offer, and recommended all shareholders to accept.&nbsp;

Senqcia Corp

Hitachi Metals Techno in MBO - small TOB